Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025 (72 of 2025)

Schedule 4   Minor and technical amendments

Part 2   Amendments commencing first day of next quarter

Division 4   Income tax deduction for GST paid by reverse charge

Income Tax Assessment Act 1997

52   At the end of section 27-15

Add:

(4) This section does not apply to the payment of an *assessed net amount under section 33-3 or 33-5 of the *GST Act to the extent that the assessed net amount includes *GST on a *taxable supply that:

(a) exceeds the *input tax credit (if any) to which you are entitled for a *creditable acquisition that relates to that supply; and

(b) is payable by you (and is not payable by the supplier of that supply) because of the operation of Division 83, 84 or 86 of the GST Act.